FREJA reports 5% growth in 2017 revenues
15 May 2018

Operations in Sweden did not live up to expectations for 2017

FREJA Transport & Logistics has reported a ‘satisfactory result’ for 2017, with activities in Norway and Finland delivering results above market levels. During 2017, FREJA continued to invest heavily in technology and with the recent acquisition of Transcargo, the Company has good reasons to maintain optimism in the future.

FREJA Transport & Logistics Holding A/S reported a growth in turnover from 2016 to 2017 of 5.0%. The total turnover in 2017 comes to €342.0 million. EBIT amounts to €5.58 million in 2017 compared to €6.35 million in 2016. Profit before tax amounts to €7.97 million in 2017 compared to €6.16 million in 2016.

Developments in the subsidiary companies in Norway and Finland were very positive, while Sweden did not live up to expectations for 2017. The Company has reacted to the negative trend with a restructure of the Swedish management, and has employed a new Country Manager as well as HR Manager. The segment Air & Sea has been strengthened by adding new resources, and the sales organisation has been trimmed. In Denmark, the Company invested in 2017 in new business areas and knowledge resources. In China, the development was stable and on September 1st, Freja opened an office in Guangzhou.

Throughout 10 years, FREJA has invested extensively in its IT-platform and 2017 was no exception. The Company’s focus is still to develop long-term relations with customers as well as suppliers. In spite of this focus on efficiency improvements, it is fully aware that humans are still the most important resource.

Whilst the sale and lease back of a property in Tumba, Sweden, secured a record high result in 2017, in the coming years, the integration of the Padborg-based company Transcargo and a new position on the Polish market will be a main focus and will secure growth in turnover as well as earnings.